TSX higher amid Chinese moves to cool economy, dividend increases

TORONTO – The Toronto stock market advanced amid announcements of further dividend increases from several major Canadian companies, and moves by the Chinese government to choke off inflation.

The S&P/TSX composite index rose 72.53 points to 13,239.47 while the Canadian dollar closed up 0.11 of a cent at 99.07 cents US.

People’s Bank of China told commercial lenders Friday to increase minimum reserves by 0.5 per cent of deposits, the latest in a string of measures in recent weeks to cool inflation that rose to a 25-month high of 4.4 per cent in October.

Lift on the TSX came from the telecom sector after BCE Inc. said it was boosting its dividend by 7.7 per cent. Iamgold Corp. raised its annual dividend by 33 per cent.